Here’s why the luxury housing market is exploding in Metro Phoenix

Source: AZ Big Media — 

In the past five years, the Metro Phoenix market median home price has nearly doubled. In Phoenix, the median home price is $405,000 compared with $215,000 five years ago, according to Redfin market data. From April to June, houses across town hit their lowest number of days on the market, in Phoenix that number was 22 days.

According to Redfin market reports, the median sale price of single family homes in Scottsdale is $900,000, up 20% year-over-year. In Paradise Valley. The median single family home median sold for $2.8 million, up 34% year-over-year and more than doubled since the end of 2016.